IMCO General Construction 12/13/2022

I City of Everett 00 72 00 - 43 Water Filter Plant Portal 4 Improvements WO# 3755 An item that has been bid at a unit price or lump sum in the Bid will not be paid as Force Account unless a change,as defined in ARTICLE 6.CHANGES,has occurred and the provisions require a payment adjustment. Items which are included in the Bid as Force Account or which are added by change order as Force Account may,by agreement of the parties at any time,be converted to agreed unit prices or lump sums applicable to the remaining Work. 9.7. RETAINAGE Pursuant to RCW Chap. 60.28,a sum of five percent(5%)of the monies earned by the Contractor will be retained from progress estimates. In addition to protecting the interests of those identified in RCW Chap. 60.28,such retainage shall be used as a trust fund for the protection of the Owner. At the option of the Contractor;monies retained under the provisions of RCW 60.28 shall be: 1. Retained in a fund by the Owner,or 2. Deposited by the Owner in an escrow(interest-bearing)account in a bank,mutual saving bank,or savings and loan association(interest on monies so retained shall be paid to the Contractor). Deposits are to be in the name of the Owner and may not be withdrawn without the Owner's written authorization. The Owner will issue a check representing the sum of the monies reserved, payable to the bank or trust company. Such check shall be converted into bonds and securities chosen by the Contractor as the interest accrues.Bank and Contractor will execute an escrow agreement in the form provided by Owner. 3. Released after submission of fully executed retainage bond in the form provided by Owner. The Contractor shall designate the option desired at the time the Contract is executed. If the Contractor chooses option 2(deposit in escrow account),Contractor agrees to assume full responsibility to pay all costs that may accrue from escrow services,brokerage charges or both,and further agrees to assume all risks in connection with the investment of the retained percentages in securities. The City may also,at its option,accept a bond in lieu of retainage. Retainage will be released when all of the following conditions are satisfied: 1. Sixty(60)days have elapsed following the completion of all Work specified in the Contract;and 2. The Contractor fulfilled all of all obligations of the Contractor under the Contract, including,but not limited to,the Contractor's furnishing all documentation required by Contract and law;and 3. A release has been obtained from the Washington State Department of Revenue;and 4. Affidavits of Wages Paid for the Contractor and all Subcontractors are on file with the Owner (RCW 39.12.040);and 5. A release has been obtained from the Washington State Department of Labor&Industries and the Washington State Employment Security Department;and 6. All claims,as provided by law,filed against the retainage have been resolved. In the event claims are filed and provided the conditions one through five are met,the Contractor will be paid the retained percentage less an amount sufficient to pay any such claims together with a sum determined by the Owner sufficient to pay the cost of claims and attorney's fees. 7. All other conditions required by law are satisfied. I I 00 72 00 - 43 GENERAL CONDITIONS